Pakistan rupee hits the highest level against US dollar

Thank you for your reading and interest in the news Pakistan rupee hits the highest level against US dollar and now with details

Aden - Yasmin Abdel Azim - Pakistan rupee has shown signs of recovery as it hit the highest level against dollar since June 30, 2019. Image Credit: Social media

: Pakistan rupee has shown signs of recovery on Sunday at it hit the highest level against dollar during the last five months.

As of Sunday, exchange rate of Dh1 has reduced to Dh42.14 compared to Dh44.58 on June 30 indicating that the rupee is getting stronger.

The rupee in open market rose to its five-month high as demand for the greenback fell owing to the decline in imports whereas the increase in dollar from lending agencies and foreign investment in the government papers helped stabilise rupee-dollar parity, Dawn news reported.

Currency dealers foresee rupee to rise further in coming months in the wake of higher inflows of dollars and increased attraction of local currency.

Ruppe gains against dollar

The dollar traded as low as Rs154.70 in the open market on Saturday which was much lower compared to Rs164 on June 26 this year.

“We traded dollar at Rs154.70 as lowest and Rs155 as the highest rate during the day. These were lowest prices since it touched Rs164,” said Forex Association of Pakistan President Malik Bostan.

The dollar scaled new peak on June 26 after it hit Rs164 mark in the open market but soon started falling against the rupee. The rupee has appreciated by 5.67 per cent against the dollar since June this year.


The stability can be attributed to steady exchange rates in the inter-bank market which showed the dollar price at Rs155 on lower side and Rs155.10 on higher side on Friday.

“One of the biggest reasons is that the country has come out from huge current account deficit of $20 billion in fiscal year 2018 and now[in] October, [it] posted a surplus for the first time after four years,” explained Bostan.

He said both risk and attraction for dollar investment has gone. Now those holding dollars are liquidating them to get rupee and benefit from the much higher returns on the local currency deposits. Due to high policy interest rate of 13.25pc, the local currency investors could get double-digit returns on long-term deposits.

These were the details of the news Pakistan rupee hits the highest level against US dollar for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Gulf News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Tropical storm Amanda leaves nine dead in El Salvador
NEXT Eyad Hallaq: UN condemns Israeli killing of unarmed disabled Palestinian man